Jamie Dimon, the CEO of JPMorgan Chase, says he would not notably like crypto however will defend your proper to put money into it. Nevertheless, he sees advantages in some elements of digital foreign money.
JPMorgan’s Jamie Dimon on Crypto, Digital Forex
JPMorgan Chase CEO Jamie Dimon spoke about cryptocurrency in an interview with KMTV 3 Information Now in Omaha on Friday forward of Berkshire Hathaway’s annual shareholder assembly this weekend.
Commenting on cryptocurrency, together with bitcoin, the JPMorgan boss stated:
I at all times say that I do not notably prefer it. I defend your proper to take action. I’d say be very, very cautious in regards to the cash you set into it.
Nevertheless, Dimon sees benefits in sure elements of crypto, similar to its know-how, admitting that banking has its inefficiencies. The chief felt:
Not all the things is unhealthy. Should you stated to me, “I need to ship $200 to a buddy in another country,” it may take you two weeks and value you $40. You are able to do this by way of a digital foreign money and it’ll solely take you a number of seconds.
“So it will likely be nice. I feel it will likely be adopted over time by many gamers, together with banks,” he concluded. Nevertheless, he didn’t specify whether or not he was referring to cryptocurrencies, stablecoins, central financial institution digital currencies (CBDCs) or his personal JPM Coin.
JPMorgan Chase has its personal digital foreign money known as JPM Coin. Dimon beforehand described, “We use a blockchain community known as Liink to permit banks to share complicated data, and we additionally use blockchain to maneuver US greenback deposits with JPM Coin.” JPM Coin’s web site states that the coin “facilitates the real-time motion of worth, serving to to unravel widespread obstacles in conventional cross-border funds.”
Dimon has lengthy been a bitcoin and crypto skeptic. In November final yr, he warned individuals to watch out when investing in crypto, saying it has no intrinsic worth. In October, he declared bitcoin nugatory and questioned his restricted provide.
In the meantime, he stated in his April letter to shareholders that decentralized finance (defi) and blockchain are actual. Moreover, JPMorgan now presents quite a lot of crypto funding merchandise.
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